SPAC Track

$CNGL shareholders: Finally some movement here, even if only a partial distribution for now. Per the PR below, TOMORROW (Sept. 4) is the deadline to submit shares/units for the initial ~$6.15/share partial liquidation distribution. This is NOT automatic. Shareholders need to contact their broker and instruct them to tender their shares/units to Continental by the 5:00 PM ET deadline. A future distribution is expected once the issues surrounding the 724K disputed shares are resolved. It remains unclear when that will occur or what the ultimate recovery will look like, but I’ll continue monitoring the situation and post updates as they come. businesswire.com/news/home/2…

The SPAC Merger Progress Tracker (Pro tool on ListingTrack): Every active SPAC deal in one place: • Full S-4/proxy filing history (initial S-4 → up to 10 amendments + latest filing date) • SPAC/target, IPO & DA dates, merger vote date, days post-DA • Filter by key milestones like S-4 pending, vote set, and vote pending A structured, end-to-end view of the entire SPAC pipeline — built for users who want to track how far each SPAC deal is in its progress to closing.

LTSheets — our live Google Sheets file containing several of our core datasets for ListingTrack Pro users is now online. The file includes: • AI Tracker • Pre-IPO Filers • Active Public Mergers • Active SPACs & SPAC Merger Progress • De-SPACs • and now SPAC Rights table! Pro subscribers: to opt-in just shoot us an email at [email protected] for access.

Holy whiplash $HOND $CCCX

Again today?

Deep Dive on Merlin Labs $BACQ Listing Date: Pending (Merger expected to close early 2026) Background • Merlin Labs was founded in 2018 to develop autonomous flight systems that enable fixed-wing aircraft to fly without human pilots, powered by its drop-in Merlin Pilot AI kit. • The company focuses on “defense-grade” autonomy for existing aircraft rather than new drones, aiming to retrofit both military and commercial fleets. • Early investors include GV (Google Ventures), First Round Capital, Baillie Gifford, and Snowpoint Ventures, bringing total venture funding to roughly $130 million. • Merlin has secured over $100 million in U.S. defense contracts, including a $105 million IDIQ with USSOCOM to automate C-130J cargo aircraft. • Key partnerships span the U.S. Air Force, NAVAIR, Honeywell, GE Aerospace, and Northrop Grumman, embedding Merlin within major aerospace and defense ecosystems. • The company exited stealth in 2021 with Dynamic Aviation’s 55 King Airs and became the first to secure FAA and New Zealand CAA certification basis for onboard AI autonomy. • A $105 million Series B in 2022 funded work on the Air Force C-130J demonstration program and a cargo partnership with Ameriflight. • In 2023 Merlin received airworthiness authorization for KC-135 tanker autonomy and expanded its Defense Department work under Air Mobility Command. • By 2024 the company had won the $105 million SOCOM contract for “reduced crew” C-130J systems and partnered with Honeywell Aerospace on flight-control integration. SPAC Merger / Listing • In September 2025 Merlin announced a SPAC merger with Inflection Point IV (fka Bleichroeder I) $BACQ, valuing the company at about $800 million pre-money, with $125 million PIPE commitments and up to $385 million in gross proceeds if fully funded. Where They Could Succeed • The defense-autonomy theme is gaining strength as the U.S. pursues next-generation air-refueling, crew-reduction, and AI-enabled aviation programs. • Merlin’s dual-use model positions it to serve both civil cargo and defense markets once FAA certification is achieved. • The company holds a first FAA certification basis for autonomous flight and more than 800 logged flight hours across multiple airframes. • A deep pipeline of work with SOCOM, the Air Force, and NAVAIR provides a foundation for multi-year follow-on contracts. • Partnerships with Honeywell, GE Aerospace, and Northrop Grumman integrate Merlin’s software into existing avionics and flight-control architectures. • In July 2025, Northrop Grumman selected Merlin as a strategic partner for its Beacon program, joining leading defense-tech peers such as Applied Intuition (~$15 B valuation), Shield AI (~$5.3 B valuation), and three others. Beacon uses the Scaled Composites Model 437 as an open-access autonomy testbed, and Merlin will integrate its software-in-the-loop systems, support flight operations, and validate mission-level autonomy under real-world conditions. • In September 2025, Merlin and GE Aerospace unveiled an Autonomy Core collaboration. The project aims to combine Merlin’s autonomy software with GE’s Flight Management System and modular open architecture, starting with integration into the KC-135 Center Console Refresh (CCR) program. This gives Merlin a route to plug into GE’s installed base of ~14,000 aircraft and positions the autonomy core as a system of record for future crew reduction or uncrewed operations. • The broader defense-tech landscape adds tailwinds. The company’s investor presentation benchmarks peers such as Anduril, Rocket Lab, Saronic, and SpaceX. Anduril, valued privately at about $30 billion, is a leading U.S. defense AI company that plans to list in a massively anticipated IPO at some point in the near future. Merlin, with a ~$800 million valuation, trades well below its peers, giving potential upside if execution meets expectations. • BETA Technologies, an electric-aviation company that filed for IPO in September 2025 after a prior funding round near $2.4 billion, will likely serve as a new next-gen aerospace comp once public. • Combined venture and SPAC funding of roughly $250 million provides the resources to complete development, scale production, and pursue additional government and commercial programs. • Merlin’s autonomy platform fits the emerging “physical AI” in the defense category—real-world autonomous systems built for critical infrastructure and national-security use cases. Where They Could Falter • Merlin has not yet generated material commercial revenue; commercial-scale deployment and monetization are unproven, but initial cargo partnerships and certification milestones are in progress. • The near-term revenue pipeline is primarily defense- and government-contract driven, creating exposure to budget shifts and procurement delays. • Civil-aviation deployment and monetization remain unproven, with no FAA-certified operations yet completed. • Certification of an AI pilot is unprecedented and could face lengthy regulatory timelines before broader approval. • Competition is intensifying from firms such as Shield AI, Applied Intuition, Reliable Robotics, and Xwing, which are developing similar autonomy stacks. • Defense contracts often progress slowly; SOCOM and Air Force projects must transition from R&D to production for meaningful revenue growth. • Many recent SPACs have faced high redemption rates and limited funding, which could create additional financing and liquidity risk for Merlin after the merger closes. • Execution risks include scaling integration across different aircraft, validating AI safety standards, and managing production at commercial scale.

We have launched two new pages to make it easier for users to track SPACs / De-SPACs on our platform. SPAC Dash: Track all the key SPAC action on one page. See the list of active SPACs with the ability to toggle between datasets quickly and view the latest curated SPAC news (for Pro users). De-SPAC Dash: Track all the key De-SPAC action on one page. See the list of public De-SPACs going back to 2020 with and view the latest news, De-SPAC M&A, Earnings, and Upgrades/Downgrades.

It's pretty wild that after $HOND/ Terrestrial Energy's run up to $25, its implied market cap is $2.8B compared to $OKLO at around $27B. Both Oklo and Terrestrial were selected for the DOE's nuclear reactor pilot program. Certainly not saying HOND will come up and meet Oklo or that it should - the valuation is something else, but it will be interesting to see what the market prices Terrestrial at when it becomes $IMSR.

$GWH again this morning. Jeeze.

Update from $GWH today: 'SRP and ESS Announce New 50 MWh Long Duration Energy Storage Pilot Project' businesswire.com/news/home/2…